INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Heading amended by No 20 of 1990.
This Division applies, in relation to instalments of tax payable by an early balancing company in respect of income of the year of income commencing on 1 July 1986 or a subsequent year of income, as if:
(a) references in section 221AC (including that section as it applies in accordance with section 102L or 102T ) and section 221AF to a year of tax were references to the period (in this subsection referred to as the ``substituted instalment period'') of one year commencing on:
(i) the first day of the month next following the month in which the year of income of the company ends; or
whichever is the later; and
(ii) 1 January in the financial year next preceding the year of tax,
(b) references in sections 221AF and 221AG to a specified date in a year of tax were references to the date that precedes the specified date by the number of months in the period commencing on the first day of the substituted instalment period and ending immediately before the beginning of the year of tax. 221AB(2) [``early balancing company'']
In this section, ``early balancing company'' means a company whose year of income ends more than 1 month before the beginning of the year of tax.
S 221AB inserted by No 154 of 1986.
Former s 221AB repealed by No 26 of 1974 and inserted by No 165 of 1973.
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